DBS and Avaloq expand partnership to boost Asian wealth management technology

DBS and Avaloq have signed a memorandum of understanding to expand their 18-year partnership, focusing on developing wealth management technology and adviser capabilities across Asia. The collaboration aims to strengthen DBS’s capacity to serve wealth clients as the bank pursues a target of SG$1 trillion in assets under management by 2030. The initiative includes the broader deployment of the Avaloq platform across DBS’s markets and business lines, alongside the joint development of digital platforms, products, and future wealth management models.

To support this evolution, the firms will engage in knowledge exchanges, including learning programs and cross-functional sessions. The partnership seeks to equip wealth management talent with the skills necessary for an increasingly AI-enabled industry.

Separately, in the broader Southeast Asian tech and finance landscape, Grab has partnered with OpenAI to provide AI training to 30,000 drivers, delivery partners, and merchants across Singapore, Thailand, Indonesia, and the Philippines. Meanwhile, Singaporean financial institutions have pledged to train over 80,000 employees in AI skills to mitigate potential job disruptions caused by automation.

In the realm of cybersecurity, research indicates a significant rise in synthetic identity fraud. This type of fraud, which involves fabricating entirely new identities using a blend of real and invented attributes, has seen an eightfold global year-on-year increase, with 11% of frauds now involving synthetic identities.